06 Apr The Sandbox Mulls Another Funding Round, New Acquisitions, But no IPO
According to Sebastien Borget, chief operating officer and co-founder, the firm is planning “aggressive” moves in mergers and acquisitions. The firm has doubled its employee count since last year to 200 and intends to grow even larger in 2022.
The Sandbox is looking toward organizations that are “creating compelling metaverse experiences for users,” according to Borget.
On April 6, Bloomberg reported that the company has no plans on going public just yet. Borget added:
“From what I see, most private companies went public after they had hundreds of millions of users. We are very proud to have 2.3 to 2.4 million users right now. Let’s talk again in a few years.”
Massive Metaverse Plans
The Sandbox, which is majority-owned by blockchain gaming developer Animoca Brands, raised $93 million in November 2021 from investors led by Softbank. Animoca previously raised $2.5 million in funding for the development of The Sandbox in 2019.
The Metaverse platform has recently expanded into virtual events and concerts by selling digital land to artists and performers and tickets to fans.
One of the latest big names to use The Sandbox is Snoop Dogg, who made his latest music video in the Metaverse with his digital doppelganger. The platform has also secured partnerships with big names in fashion and banking recently.
Last month, international banking giant HSBC partnered with The Sandbox to open opportunities in financial services and e-sports.
Earlier this year, it was reported that Animoca Brands’ valuation had surged to $5.5 billion following a fresh funding round worth $360 million.
SAND Price Outlook
The native token for the Metaverse platform, SAND, has not reacted to the bullish outlook by its COO. The token has depreciated by 7% on the day and was trading at $3.2 at the time of writing, according to CoinGecko.
SAND has slipped more than 8% over the past week, the majority of that coming in the past few hours. The Metaverse token is now down 62% from its November 25 all-time high of $8.40.
There is around 1.1 billion SAND in circulation from a total supply of 3 billion tokens. This gives it a current market capitalization of $3.7 billion.
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